When wealth managers home in on nationalities ...
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DON'T be surprised if in 20 years, Singapore's wealth-management industry starts resembling a mini-United Nations, with bankers wearing their nationalities on their sleeves.
Last week, Bloomberg Gadfly commented on one such act of flag-waving. PT Bank Mandiri, Indonesia's largest lender by assets, plans to set up a private-banking outfit in Singapore to target offshore Indonesian wealth.
While that proposal awaits regulatory clearance, this week saw the launch of Ping An Insurance Group Co's Lufax online wealth-management platform in Singapore.
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